Watch out Vijay Mallya: SBI is readying to tag you wilful defaulter soon

Jan 12, 2015

State Bank of India (SBI), the countrys largest lender by assets, is determined to classify Kingfisher Airlines and its promoter Vijay Mallya as wilful defaulters at the earliest even as the liquor baron continues to take on the lenders in court rooms seeking legal protection on the matter, a top SBI official said.A wilful defaulter is a borrower who does not pay back money to the bank even if he has the capacity to do so. Typically, such a scenario arises either due to the diversion of funds from the intended purpose or a case of financial fraud.Once a borrower is tagged as wilful defaulter, ...